News, Vision & Voice for the Advisory Community


Nine pitfalls for advisors to avoid when taking on new employees

Pulling the trigger on a hire is difficult, but can become easier with the right protocols

Author Guest Columnist Abby Salameh March 9, 2012 at 4:53 AM
1 Comment
no description available
Abby Salameh: An advisor we worked with hired a "marketing person" who then proceeded to outsource all of the marketing creation.

Women of Wealth Management

Maria Marsala

Maria Marsala

March 19, 2012 — 8:31 AM

For sure this is an excellent problem for an independent company to have. Abby, I so agree with you on the importance of making sure that you look at your technology — or lack thereof; prior to hiring a new employee. However, employers may also want to make sure that technology does not imped the customer service process that is afforded your clients. Often clients will end up taking a step back-wards by automating “too much”.

Defining the position includes very useful advice. I’d add to create a vision and goals for the position, in addition to the “usual” format for a job description. I often ask clients if they have a list of questions they’ll ask those they are interviewing. They have nothing written, and taking the time to do that allows you to really see how each person answers those questions. Include a few behavioral questions in the mix, too.

Cut your losses fast. If you’ve made a mistake, don’t wait too long to rectify the situation. Too often employees wait to fix or fire someone who isn’t a good match for the company or it’s culture. Before you hire, talk to your Employement Lawyer and work out a firm “firing process”.

Great read. I’ll be passing this article along to some of my clients, for sure!

Related Moves

March 8, 2024 at 1:25 AM

Rich Steinmeier power poaches Jeremy Holly, who returns to LPL as EVP to head Dan Arnold-directed 'liquidity' project to buy -- but not hold -- LPL firms

Holly had bolted LPL for SageView with fanfare but he retained a fanbase back in San Diego which dreamed up a dream job for him

July 7, 2023 at 9:36 PM

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.